Individual Retirement Accounts are savings plans established by the US Government designed for a working person to provide supplemental income at retirement.

As custodians for your IRA we are responsible for accurate and detailed bookkeeping, reporting to the IRS and informing you of any changes the IRS makes that affect your IRA.

We have Traditional, Roth, and SEP/Simple retirement accounts available. Check with your tax advisor as to which account type is right for you.

We use fixed or variable rate Certificate of Deposits as investment tools to help your retirement plan grow.

To learn the most current interest rates and annual percentage yields call Midwest Bank at 815-235-6137. (Rates subject to change weekly) Ask for Laura Reynolds, our IRA Administrator for more information on Traditional and/or Roth IRAs.

IRA Fixed Rate Certificate
$500 minimum balance to earn APY (Annual Percentage Yield) Tax savings, tax-free earnings and retirement security All yields are based on interest compounded quarterly to the CD and assumes interest remains on deposit until maturity A withdrawal will reduce earnings Early withdrawal penalty may apply Account disclosures are available upon request Fees may affect earnings on accounts Fixed Terms available 12 Month 15 Month 18 Month 30 Month 36 Month 48 Month 60 Month Automatically renewable. The interest rate will be the same we offer new time deposits at the time of maturity Each renewal term will be the same as the original term, beginning on the maturity date. If not renewed, interest will not accrue after final maturity. You will have 10 calendar days after maturity to withdraw funds without penalty IRA transfers, rollovers, direct rollovers and regular contributions are available. FDIC - IRA plans are eligible for separate insurance protection
back to top

IRA 18 Month Variable Rate Certificate

• $50 minimum balance to earn APY (Annual Percentage Yield)
• Minimum additions of $10.00 are allowed
• Tax savings, tax-free earnings and retirement security
• We will pay a minimum rate, which is based on at least .25% over Midwest Bank's regular 18-Month CD rate as of the first of each month.
• All yields are based on interest compounded quarterly to the CD and assumes interest remains on deposit until maturity
• A withdrawal will reduce earnings
• Early withdrawal penalty may apply
• Account disclosures are available upon request
• Fees may affect earnings on accounts
• Automatically renewable. The interest rate will be the same we offer new time deposits at the time of maturity
• Each renewal term will be the same as the original term, beginning on the maturity date.
• If not renewed, interest will not accrue after final maturity.
• You will have 10 calendar days after maturity to withdraw funds without penalty
• IRA transfers, rollovers, direct rollovers and regular contributions are available.
• FDIC - IRA plans are eligible for separate insurance protection.

back to top